An ongoing dispute over ownership stakes in Barrick’s operation in Mali has led to the arrest of mining officials, the government’s gold seizure and the company’s shutdown of its mine.

Mali’s military government has started seizing gold stocks of the Canadian mining company Barrick as part of a legal battle over the share of revenue owed to the West African state, according to an internal Barrick letter seen by The Associated Press.

Canada's Barrick Gold said on Monday it would suspend operations in Mali if the country does not lift restrictions on gold shipments within the coming week, as the mining group faces what sources told Reuters amounted to a confiscation order.

Barrick Gold (GOLD) stock is seeing a barrage of options activity after the company suspended operations in Mali

Malian authorities have confiscated about 3 metric tons of gold from Barrick Gold's Loulo-Gounkoto mining site due to an ongoing dispute. The gold, valued at $245 million, is now held at Banque Malienne de Solidarite.

Mali's military government is holding gold seized from Barrick Gold's Loulo-Gounkoto mine site at state-owned Banque Malienne de Solidarite (BMS), two sources said, as the miner pursues plans to suspend its operations in the country.

Barrick Gold faces turmoil in Mali as government reportedly executes a provisional order to seize gold stockpiles, threatening operations at Loulo-Gounkoto mine.

Mali's military government has seized three tonnes of gold from Canadian company Barrick amid a legal battle over owed revenues. The gold, valued at USD 180 million, was transported to Bamako, Mali's capital.

Canada's Barrick Gold on Tuesday confirmed it had suspended operations in Mali and that the government had moved gold stock from the miner's Loulo-Gounkoto site to a bank.

Barrick Gold is suspending mining operations in Mali after the government seized gold stockpiles and issued an arrest warrant for Barrick's CEO. Bloomberg's William Clowes reports from Johannesburg. (